When the word planning is used, the normal association is a process that takes a long time and often has limited results.
Having a little planning structure can make the process a lot easier.
A goal is a dream with a deadline. – Napoleon Hill
The GOST formula is a good way to translate your dreams, your goals, into results. Here’s how.
G = Goals, what is it that you would like to achieve
O = Objectives, the measures you wish to place in relation to the specific goal
S = Strategies, the things you need to do to achieve the GOAL
T = Tasks that make up the strategies usually delivered as action, timing and who is accountable.
Use GOST for specific performance areas that you want to gain engagement and focus on or for the company as a whole.
For example, if you wanted to increase end-user revenue the GOST formula would look something like this:
Dominate the key property management players within our local market.
- Deliver 1 transaction with 80% of the targeted property management entities by xxxx date.
- Deliver new end-user business of $xxxx by xxxx date.
- Have xx salespeople specialized in end-user business with more than 50% of their portfolio with end-user by xxx date.
- End user proportion of total revenue to be 40% by xxx date.
- Have more than 10 end-users who purchase more than xxx times per year.
- Research the reasons why end-users purchase or should purchase.
- Define a clear value proposition for the targeted end-user.
- Revive our existing customer list
- Build the new target customer list
- Implement a marketing campaign
- Capture warm leads in our lead management system
- Create a disciplined follow-up system
For each defined strategy identify the key actions associated with the strategy. When these actions need to be done and who is responsible for the action.
Looking back this is very basic. Yet planning is still a severe weakness with many commercial flooring companies.
Ask yourself the question.
- When last did we have a planning session?
- Have we followed up on what we said we were going to do or is the plan collecting dust?
There is never enough time to plan. Yet there is plenty of time to be disappointed.
Get your team planning even in small things like:
- how to grow an important customer
- Adding additional product scopes to our portfolio
- Ways we can reduce freight costs
- How we increase our known rate within our sales pipeline.
Have fun GOSTING!